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Retirement Planning

 

 

What is important in this season of life is making the most of your Investments and potentially continuing to protect your ability to earn an income, while planning for retirement.

 

It is time for you to review your Insurance, financial and Investment needs while reducing debt and maximizing your retirement income.

 

Based on the specifics of your situation, you should review who you have designated as beneficiaries on any Insurance policies, RRSPs or other important documents and make sure they are up-to-date.

 

Evaluate your current Insurance policies and consider adding Critical Illness Insurance and Long-Term Care Insurance coverage or an insurance product that combines Insurance protection with an Investment component such as Universal Life Insurance plan, combining Life Insurance, Critical Illness protection and Investment options.

 

Take time to review your Investment portfolio and make adjustments to your asset mix.

 

Re-establish plans to meet your future goals with Debt and Expense Management, income replacement, living within your means, and updating your expense budget worksheet.

 

10 + Years Prior to Retirement

 

• Build a plan towards maximizing RRSP’s contributions with an accumulation strategy

• Consider leveraged loans – borrowing for Investments (GICs, Annuities, Segregated    Funds) and continue to contribute to your savings in Tax-Free Savings Accounts

• Review Retirement Income requirements and options available for guaranteed income   throughout your retirement years.

• Evaluate your Insurance Protection – Disability Insurance, Critical Illness Insurance,   Health Insurance and Long-Term Care Insurance.

• Review your Will and Power of Attorney, Estate Planning, Charitable Giving and   beneficiaries

 

5 – 10 Years Prior to Retirement – review what you still need to do to get   ready to retire.

 

• Re-evaluate Investment portfolio with serious consideration given to amount of years until   retirement to ensure appropriate risk considered.

• Consider potential sources of retirement income and expenses using a Retirement   Planning Guide, contact Stewart Financial Services for a copy.

• Review Retirement Income requirements and options available for guaranteed income   throughout your retirement years.

• Re-evaluate amount and structure of Insurance protection

• Consider tax sheltering and Charitable Giving.

• Planning – Wills and Power of Attorney • Succession Planning for your business

 

Retired

 

• Review your sources of income (DBPP, DCPP, CPP, OAS, RRSP, RRIF, LIF, LIRA)

• Reduce income tax impact

• Income longevity – how to make your money last, how to   not outlive money

• Charitable Giving

• Estate Planning – Reducing Tax and Estate Costs at death

• Planning – Wills and Power of Attorney and being in control of bequests.

 

Contact Stewart Financial Services for more information about opportunities that will help you balance your needs for retirement income so that you can concentrate on many years of enjoyment after a lifetime of working.